Capital Confirmation Awarded Patent for Online Audit Confirmation System

Last Updated: 12/30/2010

NASHVILLE, TN - December 30, 2010 - Capital Confirmation, Inc., the creator and world's leading provider of secure audit confirmation services, was awarded U.S. patent number 7,831,488 for its online audit confirmation technology by the U.S. Patent and Trademark office.  This patent covers the technology, systems and methods developed to automate audit confirmation requests over the internet, which are the central components of its current service. simplifies the manual tasks associated with paper- and mail-based audit confirmations.  This paperless solution saves auditors valuable time, reduces errors and delivers quicker confirmation responses.  For financial institutions and companies that respond to confirmation requests, streamlines confirmation workflow, enables better control of responses and archives responses electronically.  

“It was just a few years ago that audit confirmations were completely paper-based, even though accounting firms were using the latest audit software tools to manage their audit engagements,” said Brian Fox, founder and chief marketing officer of Capital Confirmation, Inc.  “This invention validates the need for an internet-based audit confirmation system, one that delivers quicker responses, simplifies the process and integrates with the largest audit software packages including CCH’s ProSystem fx®, Thomson Reuters’ Engagement CS™, and CaseWare.”

This is the second patent awarded to Capital Confirmation, and is unique and distinct from the first patent in how it processes electronic confirmations.  The first patent was granted in 2008. Both patents expand the company's intellectual property for secure online audit confirmations.

"Receiving this patent is a great accomplishment for our company," said Chris Schellhorn, CEO of Capital Confirmation, Inc.  "It reflects our focus and commitment that ultimately changed how audit confirmations are managed today. By having these intellectual property assets, we are able to lead and set the standard for innovation as it relates to the future of audit confirmations."

This patent announcement follows recent awards presented to Capital Confirmation this year including being ranked 96th on the 2010 Inc. 500 List, the Nashville Chamber Future 50, the Nashville Post Fast50, and 2010 Best In Business which recognizes the most successful private business in the Middle-Tennessee area.

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